Global Natural Stone Market Surpasses $37.5 Billion in 2022, Poised for Steady 4% CAGR Growth to Reach $47.9 Billion by 2028

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Nov 13, 2023, 13:00 ET

DUBLIN, Nov. 13, 2023 /PRNewswire/ -- The "Natural Stone Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global natural stone market has achieved a significant milestone, with a market size of US$ 37.5 billion in 2022. The market is poised for continued growth, and experts project it to reach US$ 47.9 billion by 2028, displaying a steady Compound Annual Growth Rate (CAGR) of 4% during the period 2023-2028.

Natural Stones: Timeless Elegance and Durability

Natural stones, including marble, limestone, granite, slate, quartzite, sandstone, laterite, and basalt, are earthly treasures used for decorative purposes and construction materials. These stones are hand-selected, having taken millions of years to form under the combined forces of heat and pressure.

Natural stones find wide applications in flooring, wall cladding, countertops, backsplashes, sculptures, decorative items, roofing, bathtubs, and swimming pools. They possess various properties such as density, strength, color intensity, appearance, hardness, color blend, texture, and structure. These stones are celebrated for their durability, eco-friendliness, ease of maintenance, and cost-effectiveness. They come in a variety of textures, shapes, colors, and sizes, making them indispensable in residential, commercial, hospital, and educational building construction.

Key Market Trends Driving Growth

The construction industry's substantial growth worldwide is a significant driving force behind the market's positive outlook. Natural stones like granite and marble are widely used in porches, backyards, pavements, and patios to enhance aesthetic appeal. The increasing number of Engineering, Procurement, and Construction (EPC) projects in the infrastructure sector further fuels market growth.

Natural stones are commonly employed in river walls, dams, bridge piers, tiles, slabs, and pavements. Innovations such as modern designs imprinted on natural stones have gained traction, driving market growth. These stones can be acid-washed and sandblasted, aligning with changing consumer preferences. Additionally, the rising trend of home renovation and remodeling positively impacts the market, as natural stones help modify and enhance aesthetics in residential and commercial complexes. The increasing consumer spending power and government initiatives to promote infrastructure development are expected to drive market growth.

Key Market Segmentation

The report provides comprehensive analysis and forecasts for the global natural stone market, segmented by type, construction type, distribution channel, and application.

Breakup by Type:

Granite
Marble
Limestone
Others

Breakup by Construction Type:

New Construction
Renovation

Breakup by Distribution Channel:

Online
Offline

Breakup by Application:

Flooring
Memorial Arts
Wall Cladding
Others

Breakup by Region:

North America:

United States
Canada

Asia-Pacific:

China
Japan
India
South Korea
Australia
Indonesia
Others

Europe:

Germany
France
United Kingdom
Italy
Spain
Russia
Others

Latin America:

Brazil
Mexico
Others

Middle East and Africa

Competitive Landscape

The competitive landscape of the natural stone industry features prominent players, including ARO Granite Industries Ltd., Dermitzakis Bros S.A, Dimpomar, Levantina y Asociados de Minerales S.A., Margraf SPA, Mumal Marbles Pvt. Ltd., Polycor Inc., Ranamar Marble, Temmer Marble, Topalidis S.A., and Xishi Group Ltd.

Key Questions Answered in This Report:

What was the size of the global natural stone market in 2022?
What is the expected growth rate of the global natural stone market during 2023-2028?
What has been the impact of COVID-19 on the global natural stone market?
What are the key factors driving the global natural stone market?
What is the breakdown of the global natural stone market based on the type?
What is the breakdown of the global natural stone market based on the application?
What are the key regions in the global natural stone market?
Who are the key players/companies in the global natural stone market?

For more information about this report visit https://www.researchandmarkets.com/r/er53yk

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